Fully Leased 8-Unit Apartment
For Sale
Contact for pricing
1075 7th Ave NW, Hickory, NC 28601
All-brick 8-unit property with recently replaced roof, currently fully leased at 100% occupancy.
Property Size5,632 SF
Price / SF$168.68
Days on Market167
Property Features for 1075 7th Ave NW
General Information
Standard status
Active
Size
5,632 SF
Class
B
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$85,200
Additional Details
Multifamily Units
8
Building Details
Year Built
1970
Year Renovated
2019
Units
8
Construction
all-brick
Tenancy
Multi
Listing Agency:
C Rice and Associates
Listed By:
Caleb Rice · License #NC 299802
(828) 502-9197
Source:
Crexi
Added: Mar 26
Changed: Aug 24
Last Checked: Sep 7 at 3:28AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of C Rice and Associates
Investment Insights
Based on property information with market context.
This fully leased 8-unit apartment building features an all-brick exterior and a recently replaced roof. The property is currently 100% occupied and supported by a solid rent roll, offering a stable, turnkey setup for an investor or buyer seeking immediate income.
Located in Hickory, NC, the building is described as being in the heart of the city, just steps from the Riverwalk and major community developments. The surrounding area’s continued activity is positioned as a backdrop for long-term hold.
The building is configured as 2-bedroom, 1-bath units across all eight apartments, providing a consistent unit mix within a single, well-maintained multifamily asset.
Located in Hickory, NC, the building is described as being in the heart of the city, just steps from the Riverwalk and major community developments. The surrounding area’s continued activity is positioned as a backdrop for long-term hold.
The building is configured as 2-bedroom, 1-bath units across all eight apartments, providing a consistent unit mix within a single, well-maintained multifamily asset.
Key Highlights
- All‑brick 8‑unit property built in 1970
- Recently replaced roof
- Fully leased with 100% occupancy
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$47,271
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.98%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$945,420
$945.4K
Cap Rate 7%
$675,300
$675.3K
Cap Rate 9%
$525,233
$525.2K
Market Conditions
NOI Build-Up for 5,632 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$91.2K $16.20/SF
− Vacancy
−$5.3K −$0.94/SF
EGI
$85.9K $15.26/SF
− OpEx
−$38.7K −$6.87/SF
NOI
$47.3K $8.39/SF
Area
Catawba County, NC
Vacancy
5.80%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$945,420
Cap Rate 7%
$675,300
Cap Rate 9%
$525,233
Alternative Uses
Best Use
Apartment 5plus
$675.3K
$590.9K – $787.9K
NOI $47,271 @ 7.0% cap · market cap 4.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.65M
$1.44M – $1.92M
NOI $115,163 @ 7.0% cap · market cap 12.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
357
Businesses Nearby
Explore this area
Business Placement
Demographics for 28601, NC
53,973
Population
23,400
Households
2.3
Avg Household Size
42
Median Age
35%
College-Educated
90%
High-School Grad
47.1 sq mi
ZIP Area
1,146
Density / Sq Mi
$67,839
Median Household Income
$41,697
Median Earnings
$951
Median Rent
$236,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - All-brick 8-unit property with recently replaced roof, currently fully leased at 100% occupancy.
Where is this multifamily property located?
The property is located at 1075 7th Ave NW Hickory, NC.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: All‑brick 8‑unit property built in 1970; Recently replaced roof; Fully leased with 100% occupancy
